Trudeau's new reforms for renters amid housing crisis

Prime Minister Justin Trudeau announced new measures that he says will help Canadian renters get into the housing market. Amid a housing crisis that has made homeownership difficult for many people, three proposed new reforms will help renters, he said Wednesday.

"Finding an affordable home to rent is very difficult, especially for young Canadians," Trudeau said in a news release. "That's why in Budget 2024, we're taking steps to protect renters, make the rental market fairer, and open new pathways to home ownership for renters."

The proposed measures include amending the Canada Mortgage Loan Charter to count on-time rent payments as a credit score, and allocating $15 million in new funding to the province's legal agencies to protect tenants from unfair rent and renovation payments.

"Renters deserve credit for the money they've paid in rent over the years, especially when they're applying for a mortgage to buy their first home," it said.

This year's federal budget will be presented to the House of Commons on April 16 and is expected to focus more on housing.

Statistics Canada's report on Wednesday highlighted a number of issues related to affordable housing that showed renters and the younger generation are losing the dream of buying a home.

"Persistent food inflation, rising housing prices and high rental costs in many parts of the country have cast a shadow over the home ownership dream of many families, especially young families," the report said.

news source